Crypto Wallet to Replace Private Keys With Encrypted QR Codes

Decentralized cryptocurrency pockets SecureWallet is launching a brand new QR code-based consumer identification system to change mnemonic phrases and personal keys, the agency introduced Friday.

The app, operated by China-based Cheetah Mobile, will use a two-tier safety system to grant customers entry to their holdings, in accordance to a press launch. The first stage can have customers scan their customized and encrypted QR codes, whereas the second asks pre-set safety questions.

“The QR code is highly encrypted, so it can’t be decrypted by scanning it with other software … [and] SafeWallet does not store your QR code on its servers,” an organization consultant informed CoinDesk in an e-mail.

The system is claimed by the agency to be safer than conventional mnemonic phrases, whereas additionally being simpler to use. In specific, the system hopes to guarantee customers aren’t writing their backup phrases down on paper, “which can be easily lost, stolen or damaged.”

SecureWallet believes that the brand new system also can defend towards the dangers that come up if customers ship their passphrases to themselves utilizing e-mail or instant-messaging platforms, which may include malware or in any other case leak the messages to unhealthy actors.

While acknowledging the chance that somebody might acquire entry to the QR code if saved on a tool or within the cloud (which the agency recommends for handy backup entry), the consultant mentioned:

“A hacker can’t access your assets with your QR code alone. They would need to know the answers to your security questions (in addition to your regular SafeWallet password). Our security questions are more specific than your average security questions, so they would be extremely difficult to guess, even if someone is very close to the user. … You are in complete control of your assets at all times. “

Additionally, as a safeguard towards theft, non-public keys “will never” seem as textual content within the pockets, they mentioned, whereas SecureWallet can even scan customers’ gadgets for apps containing malicious code and notify customers if something suspicious is discovered.

SecureWallet product head Kaiser Zhang mentioned in an announcement that the brand new software means “there is no longer any need to memorize or transcribe long mnemonic phrases or private keys.”

He added:

“This complicated backup process has been one of the primary barriers for users of cryptocurrency wallets, and especially for those who are new to the industry. With this latest update, we are proud to say that we have finally solved this usability issue without sacrificing any of the security capabilities that SafeWallet is known for.”

Further, the corporate has granted third-party builders entry to its safety instruments, permitting others to add related safety features to their very own tasks. As such, “SafeWallet’s innovative ID system will serve as a bridge connecting decentralized and centralized systems and resolving ease-of-use and security issues for blockchain products,” the corporate claimed.

Keys picture by way of Shutterstock

The chief in blockchain information, CoinDesk is a media outlet that strives for the best journalistic requirements and abides by a strict set of editorial policies. CoinDesk is an impartial working subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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